OTTAWA – Finance Minister Jim Flaherty says the U.S. is unfairly targeting innocent Canadian citizens in its effort to catch offshore tax cheats.
The minister writes in a letter to three of the biggest U.S. newspapers that the tactics of the Internal Revenues Service is causing stress and fear among Canadians with dual U.S. citizenship.
Get weekly money news
Get expert insights, Q&A on markets, housing, inflation, and personal finance information delivered to you every Saturday.
By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy.
He says dual citizens and their relatives, many with distant links to the U.S., are being asked to file a return to the IRS even if they pay taxes in Canada.
- TC Energy urges co-operation on growing natural gas network to meet ‘generational’ demand
- AI stocks drop as tech companies call to slow down development for safety
- Central Alberta carbon capture hub on track to be largest in Canada
- Enbridge makes US$2.55B acquisition of pipeline, storage systems in U.S. midwest
As well, a new tax law compels Canadian banks to notify the IRS of accounts by U.S. citizens.
He says the dual citizens affected are not high rollers with offshore accounts and are not tax cheats.
Comments
Want to discuss? Please read our Commenting Policy first.